Allianz Malaysia Group Term Life
Allianz Group Term Life (GTL) insurance plan offers protection against unexpected death and total and permanent disability to a group of people. Usually for the staff at a company.
Allianz GTL is part of the Allianz SME Choice Plus insurance plan. This Allianz group insurance plan offers comprehensive and wider coverage protection against death, disability, and hospitalization.
Click the button below to contact Allianz Insurance Agent Jeffrey Teoh, to answer your questions on this insurance plan.
Or send in an enquiry. We will contact you to create the best insurance quotations to fit your employee benefits plan needs.
Allianz Group Term Life
Allianz Group Term Life is group insurance that covers Death, Total and Permanent Disability (TPD), and Partial Permanent Disability (PDDl. Due to natural causes and terminal illness.
Companies in Malaysia often have Allianz Group Term Life insurance as the employee benefits package. As it provides immediate cash benefits to the employees or beneficiaries in the event of death or disability.
With the Allianz Group Term Life insurance plan, a group of employees can be managed under just one single policy. Thus making it easier for the HR or employer to handle it.
Different insurance providers have different Group Term Life insurance plan coverage. Read here to know the comparison between Allianz and AIA Group Term Life.
Allianz Group Term Life Basic Benefit
Allianz Group Term Life insurance plan offers coverage of up to 6 basic benefits that cover death and permanent disability. This includes:
1. Term Life Benefit Benefit
This benefit provides the employee with financial security in the event of an untimely death.
2. Total and Permanent Disability Benefit
This benefit provides financial coverage if an employee becomes disabled as a result of an injury or sickness. The compensation received eases the financial burden suffered by the employee.
3. Partial and Permanent Disability Benefit
This benefit provides compensation according to the Scale of Indemnity as stated under the policy’s schedule of benefits. The compensation will be paid if the employee suffers a permanent partial disability as a result of sickness or accident.
4. Terminal Illness Benefit
This benefit provides financial compensation to beneficiaries if the insured member passes away within twelve (12) months of suffering from a terminal illness.
5. Repatriation Expenses Benefit
This benefit provides expense coverage for the transportation of a mortal to remain back to the country of origin if the insured member passes away while traveling outside of Malaysia.
Allianz Group Term Life Optional Rider
Allianz offers two supplementary riders for their Group Term Life insurance plan. This is for the company to further enhance the coverage protection coverage of their employees. The two optional riders are as below:
1. Additional Critical Illness
This benefit provides financial compensation which would help ease some of the financial burden. The coverage of 36 critical illnesses will further lessen the burden on the employees and their families in those unfortunate events.
2. Accidental Death and Disablement
This benefit provides additional coverage for death or disablement to cushion their financial burden when something unexpected happens during an accident.
In order to have these additional riders, the company must first purchase the Allianz Group Term Life (GTL) insurance plan
Allianz Group Term Life Plan Options
Allianz offers 6 different plans for the HR or employer to choose from. The plan provides a total sum assured from RM 50, 000 up to RM500,000. See below for the amount of sum assured for each plan under Allianz Group Term Life basic and optional riders.
Allianz GTL Basic Benefits
|1. Death of all causes or|
total and permanent
disability (TPD, all causes)
or Partial and Permanent
Disability(PPD, all causes)
or Terminal Illness (TI),
whichever is earlier.
Allianz GTL Optional Rider
|1. Accidental Death|
and Disablement (ADDI)
2. Additional Critical
3. Accelerated Critical
Frequently Asked Questions About Allianz Group Term Life
Who is eligible for coverage?
All full-time and actively at-work employees, directors, partners, and proprietors in occupational classes 1 to 3 are eligible for Allianz Group Term Life.
What is the entry age?
Minimum 16 to max 64 years old.
What is the eligible group size?
The minimum size is 3 employees. And the maximum size is 200 employees.
What are the premium payment options?
Only “Annual” mode of payment is allowed.
Are the premium rates and renewal of policy guaranteed?
Premium rates and renewability are not guaranteed.
For Allianz Group Term Life and Additional/Accelerated Critical Illness plan, the premium rate is determined based on the average age of all the insured members in the group. Thus, the premium rate is reviewed yearly based on the average attained age of the group during renewal.
For Accidental Death and Disablement, the premium rate is on per insured member basis.
What is the waiting period?
For pre-existing conditions, the waiting period is 120 days.
Can I change or upgrade the benefit?
Yes. Any change or upgrade of benefits can be done upon the policy anniversary/renewal. And it is subject to insurance review and acceptance.
Contact Allianz Insurance Agents for Group Insurance
Jeffrey Teoh has over 20 years of distinguished working experience with the best group insurance company in Malaysia. Contact Jeffrey on his mobile phone at +60102719089. He can work with you to create the best plan to meet your employee benefits program and group insurance budget plans.
Or send in the form below for Jeffrey to call you to scope your needs for a quotation.
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